HE closes lower for the 2nd day in a row
Hawaiian Electric Industries Inc. (HE) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, HE finished the month 0.55% higher at 36.26 after losing $0.33 (-0.9%) today, notably underperforming the S&P 500 (0.77%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (HE as at Jul 31, 2020):
Friday's trading range has been $0.90 (2.48%), that's slightly above the last trading month's daily average range of $0.86. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HE.
Two candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and one neutral pattern, the Doji. The last time a Doji showed up on June 25th, HE lost -0.93% on the following trading day.
Prices are trading close to the key technical resistance level at 36.66 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Further selling could move prices lower should the market test June's nearby low at 34.79.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Southern Doji" stand out. Its common bullish interpretation has been confirmed for Hawaiian Electric. Out of 53 times, HE closed higher 49.06% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 67.92% with an average market move of 0.96%.